What is MVP and why you need it
The idea of minimal viable product (MVP) can easily be misunderstood. Even decoded abbreviation stays unclear for those with little experience in startups. Also, something minimal may not seem trustworthy, right? Though the value of minimal viable product should not be underestimated for neither owners nor investors.
The term MVP comes from the lean startup methodology that favors experimentation, customer feedback and work in iterations. It is related to the agile product development and opposed to the traditional model — waterfall.
In waterfall, it all starts with a detailed plan that is followed by designing, building and launching a product when it’s ready. The time frames here are usually extended. But the longer product stays in the shade, the more chances are it will be outdated by the official release. This kind of time waste is a huge issue for any startup aiming to check the theory as soon as possible.
As opposed to waterfall, lean approach allows the release to happen much sooner. MVP might take less than a day to be up and going. Then, it takes the process right to experimentation, learning and improving.
MVP is not a minimum to enter the market. It’s more of a tool allowing to evaluate the idea and make improvements.
Usability tests, first customers’ feedback and data analysis performed on a minimum viable product lead to more precise changes and alterations. Short cycles of product development help track miscalculations and eliminate them.
MVP development case: Tavriya V
Let’s take a look at the example of MVP developed in Qoderoom for one of the largest Ukrainian supermarket chains. The application for both iOS and Android called Tavriya V has had already gone a long way since being a minimal viable product. Here is how it started:
Initially, the app was a simple e-commerce system with static pages and basic online ordering. Its goal was to show how customers interact with such application, and whether they want to use one.
Based on gathered data, usability tests and customers’ feedback, the app design was changed and more special features were added. It erased the “minimal” leaving the product completely viable.
For example, IoT and BLE iBeacon technologies were added. That allowed customers to receive PUSH-notifications when they enter a particular store about current promos and personalized offers. Recommender systems are also being constantly improved. It created a new shopping experience for customers where classic retail is combined with cutting-edge technologies.
5 reasons to bring the idea to life with MVP
Check these 5 points that speak loudly in favor of minimum viable product development. According to those, some annoying pain points can be successfully avoided.
1. Solve real problems.
The product starts with the idea of a solution for a particular problem. But it often happens that new interesting demands and corresponding features come up in the middle of the process. Thus, minimum viable product lights up something that was unknown in the beginning.
2. Go out.
Customers are important. They are supposed to use the product and really enjoy it. Finding out who these people are is a must for any startup. MVP initiates first-hand experience in this matter. Surprisingly, the real customer can be different from what was originally expected.
3. Save time & be productive.
Lean approach allows to start testing product on early stages for better planning and more effective iterations. It guarantees better results while unnecessary features are being excluded from production. Reducing time waste often leads to income increase.
4. Talk the talk, walk the walk.
Each minimal viable product is built to become a more complex product. The more features added, the more resources required. In order to obtain funding from stakeholders or external investors, it is essential to have a promising product. Using MVP to show the value is a winning strategy.
5. Rely on data instead of prediction.
Minimum viable product as opposed to not having one at all helps gather data from actual customers’ feedback. Going to market even with basic functionalities provides insights to what needs to be done next. Use data to improve the product and build campaigns around it.
Whatever the business concept is, it is worth practical checkup as soon as possible. MVP development opens the door to test the product, gather feedback and offer something complete for the market. Go for it. May the odds be in your favour.
Originally published on https://qoderoom.com/blog
